Home / Knowledge / News / Textiles / Indian PM launches support, outreach scheme for MSMEs

Indian PM launches support, outreach scheme for MSMEs

03
Nov '18
Prime Minister Narendra Modi addressing at the launch of the Support and Outreach Initiative for MSMEs, in New Delhi. Courtesy: PIB
Prime Minister Narendra Modi addressing at the launch of the Support and Outreach Initiative for MSMEs, in New Delhi. Courtesy: PIB
Indian Prime Minister Narendra Modi has launched a support and outreach programme for micro, small and medium enterprises (MSMEs) consisting of 12 key initiatives to help them grow and expand. The five key facilitating aspects are access to credit, market access, upgrading technology, ease of conducting business and a sense of security for employees, he said.

Launching the programme on November 2, the prime minister said MSMEs are one of the principal employment generators in India and the 12 initiatives will address each aspect.

He launched a ‘59 minute loan portal’ to enable easy access to credit for MSMEs. Loans up to ₹1 crore can be granted in-principle approval through this portal within an hour.

A 2 per cent interest subvention for all MSMEs registered with the goods and services tax (GST) council on fresh or incremental loans was announced. For exporters who receive loans in the pre-shipment and post-shipment period, there is a provision of an increase in interest rebate from 3 per cent to 5 per cent.

All companies with a turnover more than ₹500 crore must compulsorily be brought on the Trade Receivables e-Discounting System (TReDS), Modi announced. Joining this portal will enable entrepreneurs to access credit from banks based on their upcoming receivables that will resolve problems related to cash cycle, a press release from the Prime Minister's Office quoted him as saying.

State-run public sector undertakings (PSUs) will now compulsorily procure 25 per cent, instead of 20 per cent of their total purchases from MSMEs and out of that 25 per cent procurement, 3 per cent will now be reserved for women entrepreneurs, he said.

All central PSUs must now compulsorily be a part of the Government e-Marketplace (GeM) and get all their vendors registered on GeM, he said.

Twenty technology upgradation hubs and 100 tool rooms will be set up will be set up across the country, he said.

Clusters of pharmaceutical MSMEs will be formed and the central government will bear 70 per cent their establishment costs. The return under eight labour laws and 10 union regulations will now be filed only once a year and inspectors will visit establishments based on a computerised random allotment, the prime minister said.

An entrepreneur at present requires two clearances—environmental clearance and consent to establish. He said both these have been merged as a single consent now.

Under an ordinance, for minor violations under the Companies Act, an entrepreneur will no longer have to approach the courts but can take corrective measures through simple procedures, he said.

A mission will be launched to ensure that workers in MSMEs have Jan Dhan accounts, provident fund and insurance.

The implementation of this programme will be intensively monitored over the next 100 days, he added. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Businesswire/PrimaLoft

Textiles | On 18th Nov 2018

PrimaLoft unveils PrimaLoft Bio Performance Fabric

PrimaLoft, a leader in advanced material technology, has unveiled...

Higher sales and earnings at Macy's in Q3FY18

Fashion | On 18th Nov 2018

Higher sales and earnings at Macy's in Q3FY18

Higher sales and earnings were recorded at Macy’s, one of the premier ...

Courtesy: Amazon

Apparel/Garments | On 18th Nov 2018

Amazon's new headquarters in New York City, Arlington

Amazon is setting up two new headquarters, one in New York City and...

Interviews View All

Arvind Saraf, Triveni Sarees

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Top executives, Textile industry

Top executives
Textile industry

GST has levelled the playing field to an extent

Milind Khandwe, Hindoostan Innovation Centre

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Himanshu Jariwala,

Himanshu Jariwala

J Korin started as a partnership firm with four powerlooms in the textiles ...

Larry Fontana,

Larry Fontana

Italy-based Lafer SpA is one of the most innovative surface finishing...

Shivani Swamy,

Shivani Swamy

The Livinguard Technology is owned by Green Impact Holding AG based in...

Mr Hartmann Huth, Trevira GmbH

Mr Hartmann Huth
Trevira GmbH

Trevira GmbH is an innovative European manufacturer of high-value branded...

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Justin Chan & Shyam Gollakota, University of Washington

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search